• Stable net rental income (–1% to €200.2m) reflects slight decline in gross rental income (–3%) due to the sale of non-core investment properties, which was mostly offset by increased efficiency of the rental business. 
• The operating result (EBITDA) stood at €167.9m and thus was 4% below the previous yearʼs figure (31.12.2024: €174.8m), mostly due to a lower sales result in 2025.
• Consolidated net result of €184.4m, after €–66.3m as at 31.12.2024.
• With recurring earnings (FFO I) of €118.5m (–1% yoy), the financial target defined for the 2025 financial year (recurring earnings above €104m) was significantly exceeded. 
• Dividend: The Management Board will propose a dividend payment of €0.90 per share at the Annual General Meeting to be held on May 6, 2026.

CA Immo, a real estate company specializing in high-quality office space, can report a good operating development for the year 2025. The results show, among other things, stable rental income (net rental income –1%) despite non-core income-producing property sales (gross leasable area decreased by 24% yoy) due to higher rental income from investment properties and increased efficiency of the rental business. This stable development of rental income, combined with a positive sales result (€9.5m), lower indirect expenses (–8%), a positive result from revaluation (€9.2m) and a non-cash deferred tax effect in Germany, led to a significant return to profitability with a consolidated net result of €184.4m after €–66.3m in 2024. 

Keegan Viscius, CEO of CA Immo: “In 2025, we further enhanced the quality of our portfolio while simultaneously reducing costs across all areas of the company. By consistently implementing our strategic priorities, we were able to generate a return on equity of 7.2% for our shareholders and position our company for the coming years on a stable footing with good prospects for further value creation. Our leasing business is performing well; the Berlin development pipeline is 100% pre-leased with further potential for profitable growth; and our sales program is generating additional revenue.”

Increased occupancy

The companyʼs active asset management approach with teams on the ground in local markets allowed CA Immo to quickly respond to tenant demands and market developments, maintaining the high occupancy rate and stable income despite the decreasing overall portfolio size due to sales. The result is a good leasing performance and an increase of the portfolio occupancy rate to 94.9% (31.12.2024: 93.1%). The company signed total leases of around 190,100 sqm at rents slightly above the budgeted rent levels. 36% of the vacant space as at the reporting date has already been leased with future start dates.

Progressed profitable development pipeline 

CA Immoʼs development pipeline currently comprises three projects under construction, all of which are 100% pre-let. Two office buildings under construction are located around Berlinʼs central station: Upbeat, with construction works in time and budget for completion in Q2 2026, and Anna Lindh Haus, which is on track to complete in early 2027. In addition, CA Immo started the Karlsgärten manage-to-green refurbishment project next to the Berlin Potsdamer Platz at the end of 2025 after conclusion of a 100% pre-lease agreement. Once completed, these assets are expected to add €28m of annualized gross rental income and around €650m of gross asset value to the investment portfolio.

Preparations are well under way for two more ground-up development projects in prime central Berlin locations, which – upon completion – will further strengthen the companyʼs prime office footprint in the largest core market of Berlin.

Active capital rotation – profitable property sales

In a challenging transaction environment, CA Immo sold 16 non-core properties totaling c. €539m of total transaction volume in 2025 at an average premium to book value. Sales included the companyʼs last property in Serbia (market exit), a hotel in Berlin and two parking garages, as well as several plots with residential, logistics or mixed use. In addition, CA Immo closed the sale of two additional properties in Q1 2026 totaling c. €130m transaction volume. 

The properties sold were non-core in terms of asset class, location, building quality, age, or value creation potential. Following these sales, the portfolio has improved in terms of quality, focus, geographic footprint, and sector. 

Results of the year 2025

CA Immo recorded rental income of €230.9m (2024: €238.9m) in 2025. This 3% yoy decline is attributable to the sale of non-strategic properties and the reclassification of investment properties as properties under development (gross leasable area decreased by 24% yoy), which could not be fully offset by higher rental income due to higher occupancy and rent price adjustments. Thanks to a decrease in vacancy costs and other operating expenses, net rental income was down only 1% yoy at €200.2m (2024: €202.2m).

The result from property sales amounted to €9.5m as at 31.12.2025 after €15.8m in the previous yearʼs period. 

Indirect expenses decreased by 8% to €–40.9m (31.12.2024: €–44.4m), mainly driven by reduced personnel expenses and lower legal and consulting costs.

Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 4% to €167.9m (compared to €174.8m as at 31.12.2024), primarily due to the lower result from property sales compared to the previous year.

The revaluation result totaled €9.2m after €–199.6m as at 31.12.2024.

In Germany, a gradual reduction of the corporate income tax rate was decided in July 2025: starting in 2028, the current rate of 15% will be reduced by one percentage point per year, reaching 10% by 2032 (tax rates excluding the solidarity surcharge). In total, a non-cash deferred tax income of around €90m was recognized in 2025. As a result, taxes on earnings, including the non-cash deferred tax income, amounted to €60.7m in 2025 (31.12.2024: €9.8m).

At €184.4m, consolidated net result was significantly above the previous year’s figure of €–66.3m. Earnings per share amounted to €1.93 (€–0.68 per share as at 31.12.2024).

Recurring earnings (FFO I) of €118.5m was slightly lower (–1%) than the previous year’s figure of €120.0m. FFO I per share amounted to €1.24, up 1% on the prior-year figure of €1.23 per share.

Total property assets of around €4.7bn

The company’s core business is prime office properties across the gateway cities in Germany, Austria and the CEE region. The segments are divided into investment properties (€3.7bn, 79% of the total portfolio) and investment properties under development (€637m, 14% of the total portfolio). The remaining 7% (€332m) of the property assets are attributable to properties intended for trading or sale (reported under short-term property assets). As at 31.12.2025, CA Immo’s total property assets amounted to around €4.7bn (31.12.2024: €5.0bn). The largest regional segment is Germany with a 73% share of the total portfolio, followed by CEE (22%) and Austria (5%).

In line with the strategic portfolio focus, the office share of the investment portfolio has steadily increased over recent years and as at the reporting date stands at around 98% (31.12.2024: 96%). The occupancy rate (by area) for the investment portfolio increased slightly compared to the year end and stood at 94.9% as at the reporting date (31.12.2024: 93.1%).

Robust balance sheet, strong liquidity position

CA Immo has a robust balance sheet with a solid equity ratio of 47.1% (31.12.2024: 42.5%), a net LTV of 34.5% (31.12.2024: 38.2%) and high liquidity (cash and cash equivalents incl. cash deposits of €645.0m).

The net asset value (IFRS NAV) per share was €27.41 as at 31 December 2025, up 4% compared to €26.37 at the end of 2024. EPRA NTA per share was €31.74 as at the reporting date (31.12.2024: €31.95).

Outlook 2026

The recent military escalation in the Middle East, particularly the tense developments surrounding Iran and potential restrictions on oil and gas shipments through the Strait of Hormuz, has led to significantly higher energy prices and volatile reactions in the capital markets. There are limited immediate impacts on CA Immo; however, potential indirect effects – such as on economic growth, inflation rates, and financing costs – cannot currently be estimated due to the uncertain short-, medium-, and long-term outlook.

As a result of these events, the market outlook for 2026 is marked by a high degree of uncertainty not only for the global economy but also for European real estate markets. Against this backdrop, we are focusing on navigating the economic cycle and mitigating potential external shocks as effectively as possible by continuing to focus on our strategic priorities and maintaining our prudent risk management policy.

The forward-looking portfolio optimization and strict cost management of recent years have significantly improved the quality of our portfolio and the efficiency of our platform. This provides us with a stable foundation and good prospects for further value creation in the coming years. Given the uncertain market environment, our focus in 2026 will be more than ever on further strengthening the quality, stability, and resilience of our business. 

CA Immoʼs strategic priorities therefore remain focused on (1) accelerating non-core disposals, (2) simplifying the business model, (3) increasing critical mass and driving economies of scale, (4) continued disciplined investment in financially accretive developments and income-producing properties, (5) selective external investment, (6) maintaining a strong balance sheet and stable financing KPIs / covenants and (7) returning excess capital to shareholders.

The FY 2025 financial report of CA Immobilien Anlagen AG is available at: https://www.caimmo.com/en/investor-relations/financial-reports/